Call me an optimist but the latest news on the front line gives some hope for 2023.
The frenzy of 2022 housing market has long gone and concerns about the cost-of-living crisis are undoubtedly having an effect, but the data shows a market that’s better than many expected.
Housing market figures
The latest figures are all compared with December so show the market returning after New Year, despite this, the stats are promising. Prospective buyers are up while the average number of viewings per property is also increased, in turn, the number of new for-sale listings is also rising – 80 per cent higher now than in December whilst the average number of sales agreed is on the up.
The last time this figure was as high was January 2020 but this is very much the typical long-term situation. The majority of homes selling at above asking price, as was the case last year, was an extreme exception
Thoughtful Home Buyers
The trends identified are currently echoed by other indices. Rightmove, for example, also admits the market is stronger than expected given the broader economy.
Serious buyers are still very much in the market but more homes are coming up for sale, meaning competition is considerably lower than we’ve previously seen. This provides buyers with all important purchasing power, but sellers are still comfortably gaining with higher prices than pre-pandemic levels.
Rental Market Activity
The number of ‘prospective tenants’ looking to rent has risen sharply since New Year suggesting demand remains strong despite sharply rising rents.
Although we have seen a slight increase in the number of properties available it is nowhere near enough to keep in line with high demand. This highlights the chief reason why rents continue to rise – a shortage of homes however, after big rises in 2022, the rents are stabilising.
Ahead to Spring’s Housing Market
So, the market for rentals and especially sales is nearing something like ‘normal’, it’s been a few years since we’ve been able to say that.....
If you are interested in talking through your potential move please call Jason on 01209 711118 or 07968641892, I will be happy to discuss!